Smith Micro Software Stock Rises On Q2 Results

(RTTNews) - Shares of Smith Micro Software, Inc. (SMSI) are trading 10 percent higher in pre-market trading today after it announced results for second quarter that beat revenue estimates and met earnings estimates. Net loss for the second quarter of 2021 was $5.2 million, or $0.10 loss per share, compared to net income of $1.4 million, or $0.03 per share, for the second quarter of 2020 primarily due to the higher burden of special items like stock-based compensation, amortization of intangibles, and acquisitions costs in the backdrop of a large acquisition that concluded recently.

On a non-GAAP basis, the net loss for the period was $307 thousand, or $0.01 per share compared to net income of $3.0 million, or $0.07 per share, in the year-ago quarter.

The revenue for the second quarter of 2021 was $15.9 million compared to $12.9 million reported in the year-ago period.

Analysts polled by Thomson Reuters were expecting the company to report a loss of $0.01 per share on revenue of $15.4 million. Analysts typically exclude one-time items. Commenting on the results, William W. Smith, Jr., President and CEO of Smith Micro Software, said, "I remain very bullish about where things stand for Smith Micro after a successful quarter. Second quarter financial results came in-line with our expectations as we continue to integrate the people, customers and technology gained through the largest acquisition in Company history. Strategic discussions with our largest carrier customers continue to move in the right direction, which we believe will set the Company up for a strong back half in 2021 and beyond."

SMSI closed Wednesday's trading at $5.00, down 3.85%. In pre-market trading today, the stock is up 10% at $5.50.